First Foreclosed Self Storage Property

First Foreclosed Self Storage Property In Southern California to Be Listed for Sale in 2009 Hits the Market

Rancho Santa Margarita, California (PRWEB) May 4, 2009 -- Bancap Self Storage Group, Inc., the "#1 Self Storage Broker in California," recently announced that the firm has been selected as the exclusive listing broker for the first lender-foreclosed self storage facility in Southern California to be put on the market in 2009. Dean Keller, president of the company, is representing the seller - a private investment firm that made the original construction loan for the storage facility and later took ownership of the property through foreclosure.

With a track record of over $850 million in completed self storage sales exclusively, Bancap Self Storage Group was the obvious choice to list and market the property for sale. "Having been in the self storage industry for nearly 25 years, I have represented more lenders with foreclosed storage properties in Southern California than all my competitors combined" said Keller. This property is believed to be the first of several lender-foreclosed facilities ("REO"s) that will become available this year. "Although there are fewer foreclosures of self storage properties than virtually all other types of real estate, I am still expecting more to hit the market during this economic down cycle" Keller stated.

The All-Storage self storage facility is located in Lancaster, California. Prominently located at the corner of a signalized intersection, the property has nearly 31,000 net square feet of storage space demised into approximately 330 units. The fire sprinkler protected buildings are single-story metal construction with metal roofs, partitions and doors. The on-site rental office features prominent security camera video screens and retail sales displays for moving and packing supplies. Other amenities include individual door alarms, surveillance cameras, Digitech computerized gate access and a computerized management system utilizing SiteLink self storage management software.

The property is offered for sale at $1,800,000 which is substantially less than the property's development costs. Potential buyers who are interested in receiving a complete offering memorandum for this property should contact Dean Keller at DKeller@BancapSelfStorage.com or (949) 888-5355.

Bancap Self Storage Group is the "#1 Self Storage Broker in California" with over $850 million in completed self storage sales, including many lender-owned properties, portfolio sales, and a record setting single-property sale at over $31 million. For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

###